Daily Pivots: (S1) 0.8883; (P) 0.8972; (R1) 0.9023; More…
Despite recovering mildly today, intraday bias stays on the downside in EUR/GBP, with focus on 0.8927 support. Sustained break will confirm near term reversal and target 61.8% retracement of 0.8655 to 0.9101 at 0.8825 and below. On the upside, break of 0.9101 resistance is needed to confirm rise resumption. Otherwise, risk will now stays on the downside in case of recovery.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). The medium term range is set between 0.8620 and 0.9101. Downside break out of 0.9620 will pave the way back to 0.8302/12 support zone. Break of 0.9101 will bring retest of 0.9304/5 resistance.
